Wednesday, 22 November 2017

Should I Buy Cryptocurrency(Coins)? - A Cryptocurrency Analyst's Advice

Its very interesting to see how people quickly get involved in fund-related technologies.
I have received this question a million times even when I provide answers, the same questions tend to recur again and again.I would try to clear the air again on this issue. I would try to be as clear as possible.

Before I continue, I would like you to take note of the following facts:

As of the time of this blog, the number of cryptocurrencies existing is over 2,450

As of today, one bitcoin sells for over $8,000

About 5 years ago, in November 2012, one bitcoin sold for $12.5

Similar trends could be seen is some other cryptocurrencies today such a Ethereum, Ripple, Dash, Montero, Litecoin, IOTA and lot others.

Should You Buy Cryptocurrency?

So the question is, should you buy the coins?
Granted at the end of this blog, you should be able to answer that question yourself. I would not give you the answer, I would give you just the facts. If you want a personal advice from me, do leave a comment to let me know.

Do You Have a Basic Knowledge of the Cryptocurrency Technology(Yes/No)
This knowledge is very important as it give you a clear understanding of what you want to do and helps you have the needed motivation

Do You Have an Intermediate Knowledge of Computers/Internet?(Yes/No)
Remember, the cryptocurrency technology is based on the Internet and most of the time, your primary tool would be your computer. A basic computer knowledge is not enough, I must say. Its necessary that you can used the computer the somehow analyze data

Could You Spend About 30mins Everyday Online?(Yes/No)
Spending time regularly online helps you to keep pace with the trend of things in the cryptocurrency world. For instance, you don't need to forget your password to your wallet and stuffs like that.

Do You Have Funds You Can Part With for 6 months to 1 year?(Yes/No)
Some who invest on cryptocurrency with the objective of getting quick returns in a very short time get disappointed and abandon the process altogether. To get the best results, you need to to be involved for a relatively longer period of time.

Do You Have a Sincere Mentor That Could Guide You?(Yes/No)
One thing that have happened unfortunately to the noble field of cryptocurrencies is that many organizations have mixed it up with Ponzi Schemes, Pyramid Schemes and Multilevel Marketing schemes thereby creating so much confusion. This things on their own does not necessarily have anything to do with cryptocurrencies. Anyone that guides you should let you know this!. A sincere mentor would let you know the pros and the cons. Besides a number of mentors focus on moving up the pyramid ladder to the detriment of those below. That is why I underscore the word 'sincere'. A sincere mentor would let you know the risks involved (the threats and the opportunities).

If the answer to any of these questions is No, then I should advice you to still keep your hard-earned money in the bank where you are sure it will always be there.

If the answer to all the 5 questions is yes, then you can move to the next step:

Which Cryptocurrency do I Buy? I am currently carrying out analysis the top-20 cryptocurrencies. At the end, I could advice on which ones have the advantage of cost-effectiveness combined with high-prospect and growth.

I would like to thank you for making out time to read this and check from time to time as I would be giving updates on the results of my research.